April 29, 2021

American Families Plan

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“President Joe Biden proposed a sweeping new $1.8 trillion plan in a speech to a joint session of Congress on Wednesday.” Reuters

The American Families Plan includes:

  • $200 billion to provide free preschool to all 3- and 4-year-olds
  • $109 billion to offer two years of free community college to all Americans
  • $225 billion to subsidize child care for families and support child care workers
  • $225 billion to create a national family and medical leave program
  • $200 billion to make temporary reductions in health insurance premiums for the Affordable Care Act plans permanent
  • Permanently increase tax credits for child care
  • Increasing IRS enforcement funding to audit wealthier taxpayers
  • Raising the top tax rate on the wealthiest Americans from 37% to 39.6%
  • Taxpayers earning $1 million or more a year, the top 0.3%, would no longer pay a 20% rate on income from capital gains such as the sale of a stock or other asset. They would pay 39.6% instead

         AP News

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From the Right

The right criticizes Biden’s proposals, arguing that they are too expensive and that the tax increases are too high.

From the Left

The left supports Biden’s proposals, arguing that they are popular among the public and would reduce inequality.

The left supports Biden’s proposals, arguing that they are popular among the public and would reduce inequality.

“Under the Biden proposal, the capital gains tax on wealthy individuals would rise to 43.4%, which would mean net rates well over 50% for individuals in high-tax states such as California and New York. Overall, that change would send the message that the U.S. is not such a great place to accumulate and cash in wealth. As a result, America would lose some of its cultural and economic vitality…

“It may well be true that the U.S. has more efficient ways of encouraging ambition and wealth accumulation than the current approach to capital gains taxation. But to make that argument, advocates of the higher capital gains rate need to say what else they would do to boost the valorization of American wealth. Somehow, however, such explanations are never forthcoming — because this debate really is about a clash of values, not just efficiency, and one side wants to lower the status of accumulated wealth.”
Tyler Cowen, Bloomberg

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